Ex Local Flat - Mortgage Valuation
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ppriya
Posts: 3 Newbie
Hi,
I had an offer accepted for a ex-local flat in the City of London. Building is in good condition, has had a few sales over last 3 years. The bank booked in a valuation knowing that its an ex-local authority and now the valuation has come back as -
"I have not provided a valuation beause the property is not acceptable to the lender due to not being readily saleable. Future salability may be affected due to adverse locational factors: a public sector estate"
I dont get the point of charging us for valuation of an ex-LA if you are not DO the valuation because its an ex-LA!!
If there any point trying other lenders? Its an absolutely brilliant location and flat and they building is 40% privately owned
do you think the mortgage broker could have influenced it? He might be unhappy cause I made him resubmit the application since he had got just about every detail incorrect in it
I had an offer accepted for a ex-local flat in the City of London. Building is in good condition, has had a few sales over last 3 years. The bank booked in a valuation knowing that its an ex-local authority and now the valuation has come back as -
"I have not provided a valuation beause the property is not acceptable to the lender due to not being readily saleable. Future salability may be affected due to adverse locational factors: a public sector estate"
I dont get the point of charging us for valuation of an ex-LA if you are not DO the valuation because its an ex-LA!!
If there any point trying other lenders? Its an absolutely brilliant location and flat and they building is 40% privately owned
do you think the mortgage broker could have influenced it? He might be unhappy cause I made him resubmit the application since he had got just about every detail incorrect in it
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Comments
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Absolutely worth trying other lenders, but it could be worthwhile trying to find out who will lend on properties in that estate. You could look on Zoopla for (very) recent sales and see if you can find out who the mortgage lender is. You could just knock on the doors and ask, but you might find tenants rather than the owner/landlord living there, or you could pay £3 to the Land Registry to see the name of the owner and whether there is a charge on the property. This will tell you who the lender is.
You might also find a new broker and make your fee conditional on them finding you a lender who will lend on the property.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0 -
The valuer has done his research and has given his opinion on the property as per the lenders criteria. The valuer has done their job. Jo reason for them not to be paid.
The main question would be Why has your broker placed the case with a lender that obviously doesn't like ex local flats? Did he/she say that this property met the lenders criteria?
Lenders don't tend to hide the criteria when it comes ex locals. What lender was it with? And whatl ltv are you looking at?0 -
Thanks! Will give the land registry a shot. If they are mortgages will they be listed in bank's ownership?0
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20. Halifax. Broker never said it was against ex-LA. Doesn't the bank get the valuation done? Why would they evaluate an ex-LA if it's not their criteria since they know it was one
Does anyone know which lenders are more open to it? Will look through the land registry to see if I can find any. Also trying some brokers who specialise in ex-LA0
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